Teekay Tankers (NYSE:TNK) Stock Price Down 6.4% – What’s Next?

Teekay Tankers Ltd. (NYSE:TNK)’s stock price was down 6.4% during mid-day trading on Wednesday . The company traded as low as $85.07 and last traded at $84.3040. 66,696 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 449,389 shares. The stock had previously closed at $90.03.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TNK. Weiss Ratings upgraded Teekay Tankers from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Evercore reiterated an “outperform” rating on shares of Teekay Tankers in a research report on Wednesday, July 22nd. Bank of America upped their price target on shares of Teekay Tankers from $69.00 to $75.00 and gave the stock an “underperform” rating in a report on Wednesday, May 20th. Wall Street Zen lowered Teekay Tankers from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 2nd. Finally, Zacks Research cut shares of Teekay Tankers from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

Teekay Tankers Stock Performance

The company has a market capitalization of $3.04 billion, a P/E ratio of 5.19 and a beta of -0.22. The business has a fifty day moving average of $76.81 and a 200-day moving average of $74.87.

Teekay Tankers (NYSE:TNK) last released its quarterly earnings results on Wednesday, July 29th. The shipping company reported $5.56 EPS for the quarter, missing analysts’ consensus estimates of $5.61 by ($0.05). The company had revenue of $258.26 million during the quarter, compared to analysts’ expectations of $299.03 million. Teekay Tankers had a net margin of 51.35% and a return on equity of 22.11%. The company’s quarterly revenue was up 32.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. Sell-side analysts anticipate that Teekay Tankers Ltd. will post 15.4 EPS for the current year.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Monday, August 10th. Teekay Tankers’s payout ratio is presently 5.89%.

Insiders Place Their Bets

In related news, Director Rohit (Rk2) Kapoor sold 6,375 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $89.28, for a total value of $569,160.00. Following the transaction, the director owned 2,126 shares of the company’s stock, valued at $189,809.28. This represents a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Simon Heidi Locke sold 741 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $90.00, for a total transaction of $66,690.00. Following the completion of the sale, the director directly owned 4,000 shares of the company’s stock, valued at $360,000. This trade represents a 15.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 14,147 shares of company stock worth $1,138,777 in the last three months. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Teekay Tankers

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Teekay Tankers by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,903,749 shares of the shipping company’s stock worth $139,579,000 after purchasing an additional 68,437 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Teekay Tankers by 24.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 692,796 shares of the shipping company’s stock valued at $28,903,000 after purchasing an additional 136,990 shares during the last quarter. Summit Street Capital Management LLC boosted its position in shares of Teekay Tankers by 14.4% during the third quarter. Summit Street Capital Management LLC now owns 501,774 shares of the shipping company’s stock valued at $25,360,000 after buying an additional 63,125 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Teekay Tankers by 6.1% in the fourth quarter. JPMorgan Chase & Co. now owns 417,483 shares of the shipping company’s stock worth $22,302,000 after acquiring an additional 24,024 shares during the period. Finally, State Street Corp grew its position in Teekay Tankers by 0.8% in the 4th quarter. State Street Corp now owns 399,832 shares of the shipping company’s stock worth $21,359,000 after purchasing an additional 3,101 shares during the period. 52.67% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Tankers Company Profile

Teekay Tankers Ltd is an oil tanker shipping company that owns and operates a fleet of modern crude oil and petroleum product tankers. Listed on the New York Stock Exchange under the ticker symbol TNK, the company provides seaborne transportation services for crude oil, refined petroleum products and petrochemicals. Its operations range across major global trade lanes, offering a mix of spot market voyages and time-charter contracts to a diverse customer base in the oil and energy sector.

The company’s fleet includes a mix of Medium Range (MR), Long Range (LR1 and LR2), Suezmax and Aframax tankers designed to meet various cargo specifications and port restrictions.